Here’s some tax saving tips to prepare for the end of financial year:
The Asset Write-Off limit has been increased to $30,000, so business assets that are purchased before 30 June may be claimed as a full deduction in your 2019 tax return.
Remember:
Pre-paying expenses means that future expenses are brought forward into the current financial year trading and can be claimed in this year’s tax return.
Remember:
For more details, please see the ATO website: https://www.ato.gov.au/Newsroom/smallbusiness/General/Take-advantage-of-small-business-concessions/?sbnews20190619
For help with your tax, seek advice from your registered tax professional.
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